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Next to a great interest rate and reasonable closing costs, all a borrower asks for, and deserves, is as smooth a mortgage process as possible.
Much of the responsibility for ensuring a smooth mortgage process rests with you, the borrower.
If you are not fully prepared for the entire loan process, fail to submit documents on time and are less than honest with your lender, any delay in the process cannot be blamed solely on the lender. Time is of the essence when trying to close a mortgage loan, especially with rate locks of 45 days or less.
You need to be sure that you fulfill the responsibilities listed below:
Preparation and punctuality
• Have folders where you will keep copies of ALL of your application-related and loan-related documents.
• Have all your application documentation ready to supply to the lender. (This includes copies of: pay stubs for the last 30 days, W-2s for the past two years, two most-recent bank account statements, two most-recent tax returns, the most-recent statements of your credit card accounts, most-recent brokerage account statements and the purchase contract for the home. NOTE: If you are self-employed, you should have copies of profit and loss statements and tax returns for the past two years.)
• Immediately provide (within 24 hours) any excess documentation requested by the lender.
• If the lender does not provide return envelopes, send all mailings with signature confirmation required.
• Obtain homeowners insurance in a timely manner once the loan has been approved.
Due diligence
• Do not let anyone rush you into signing too fast. Read and understand each document before you sign.
• If you do not understand something, ask for clarification.
• Be sure to ask about each specific closing cost and lenders fee. ("Whats that charge for?")
• Do not sign blank documents or any documents missing critical information.
• Finish each communiqué with the lender or broker by asking "Is there anything Im missing or forgetting?"
Tell the truth
• Do not exaggerate your financial status. In other words, dont lie about your income, your assets or your debts.
• Do not exaggerate your employment history to appear more stable. |
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VISIT MY
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